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Offshore amnesty could bring in 5bn

The Government’s amnesty for UK taxpayers with undisclosed offshore bank accounts could net the Treasury up to 5bn.

Up to 100,000 people could take advantage of the unprecedented amnesty announced by HM Revenue and Customs.

If offshore bank account holders make a full disclosure, they will be spared a full investigation and penalties will be restricted to 10 per cent of all outstanding tax and not 100 per cent as usual. Penalties for those who do not come forward before June 22 will face significantly higher than normal penalties.

Chiltern head of tax investigations Steve Besford says: “This is a really canny move by HMRC. It is a quick win that could bring billions into the Treasury.”

The announcement follows HMRC’s court success last year in getting information from banks on holders of overseas accounts. Besford says that HMRC will be in possession of the names of people holding accounts so anyone failing to take advantage of the amnesty look likely to face a thorough investigation.


Duffy considers lender role as he quits Hamptons

Hamptons Mortgages managing director Kevin Duffy is considering a role in the lending industry following his surprise departure from the broker firm late last week.

Tories pile pension pressure on Brown

The Conservatives this week tabled an unprecedented motion of no confidence in Gordon Brown over his handling of occupational pensions.

F&C offloads Credit Suisse fund holding

F&C’s multi-manager team has sold the Credit Suisse alpha income fund from all four of its portfolios because there is still no sign of a full-time manager six months after the departure of Errol Francis.

Johnson Fleming is a finalist at UK Pensions Awards 2016

The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]


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